Debenhams chairman Sir Ian Cheshire has stepped down from the department store’s board after two major shareholders voted against his re-election at its AGM.

DEPARTMENT STORES

Sir Ian Cheshire steps down from Debenhams' board

11 January 2019 | by The Retail Bulletin

Debenhams chairman Sir Ian Cheshire has stepped down from the department store’s board after two major shareholders voted against his re-election at its AGM.

One of the shareholders included Sports Direct head Mike Ashley.

Following the AGM, Debenhams said in a statement: ”Given the decision of two major shareholders who voted against his re-election to the board, Sir Ian has concluded it is no longer possible for him to remain chairman of Debenhams.”

Terry Duddy, Debenhams' senior independent director, has now been appointed interim chairman. He said: "I recognise that individual shareholders have wished to register their dissatisfaction. I would like to thank Ian for his strong leadership of the board and his contribution to the business. We wish him all the best for the future.”

At the meeting Debenhams chief executive Sergio Bucher was also not re-elected to his board position but will remain in post as chief executive.

Debenhams said: “The board is mindful of its responsibilities to all shareholders and has full confidence in Sergio and in the management’s plan to reshape the business.”

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